Hericium erinaceus has a long history in China as a medicinal and edible fungus. With delicious tastes, it also contains various active ingredients. In the current era of increasing emphasis on dietary health, Hericium erinaceus can be an ideal choice for a balanced diet. Based on previous research, this paper comprehensively summarizes the active ingredients contained in Hericium erinaceus, including terpenes, ketones, ergothioneine, and polysaccharides. The specific types and different active functions of corresponding ingredients are elaborated, while the prospect is also given on the future development of active ingredients.